The Ethereum price is once again drawing attention as a strong bullish setup begins to take shape on the charts. Analyst Merlijn the Trader says buyers are stepping in after repeated rebounds, showing that the market could be shifting in favor of the bulls. He points out that momentum is now building, but one key resistance level still stands in the way. According to the analyst, this is the kind of setup that often sparks explosive moves to higher targets.
Ethereum Price Forms Triple Bottom Pattern
According to Merlijn the Trader, Ethereum is now showing a clear triple bottom pattern on the charts. He explains that the price has bounced three times off the same support floor, creating a strong base. Each bounce, he says, is evidence that buyers are stepping in with confidence whenever the price moves down, while sellers are losing strength.
Related Reading
To the analyst, this behavior suggests that the downward pressure is weakening and that exhaustion among sellers is becoming apparent, following numerous failed attempts to break through the support level. Merlijn describes this setup as an explicit bullish confirmation.
The way the Ethereum price has held the same floor over and over makes it clear to him that the bulls are ready to push harder. In his view, the triple bottom is a message that the foundation for a strong rally could already be in play. With this structure firmly in place, Merlijn stresses that momentum is only waiting for the signal of a breakout to begin.
$4,540 Resistance Is The Breakout Key
Merlijn the Trader points to $4,540 as the key line that Ethereum needs to clear. He explains that this level is the final barrier stopping the price from running higher. If the price pushes through $4,540 with strength, the analyst believes the path to $5,000 will open quickly. In his words, “clear that line, and $ETH goes vertical.”
Related Reading
The analyst warns that resistance levels like this are where the market decides its next move. For now, Ethereum is holding steady below it, but pressure is building. Traders are watching closely to see if the price breaks out, because once it does, momentum could make a quick move. Merlijn stresses that this is “how explosive moves are born,” and he expects the Ethereum price to rally sharply once the market breaks this resistance level.
Ethereum traders are now focusing on this key price level. The triple bottom has already given a strong signal of support, and buyers have shown that they are ready. With sellers exhausted and momentum lined up, the only question left is whether Ethereum can break $4,540. If it does, the analyst believes $5,000 will be within reach sooner rather than later.
Featured image from DALL.E, chart from TradingView.com